BUZZ-COSCO Shipping's Hong Kong shares drop on weak earnings outlook

Reuters01-10

** Hong Kong-listed shares of COSCO Shipping Holdings Co Ltd

drop 5.1% to HK$7.61, on course for the biggest one-day decline since Nov 20, if losses hold

** Stock hits the lowest since Dec 21 on its fourth straight session of drop, and is biggest pct decliner in Hang Seng Composite Index on industrials stocks and fifth-biggest loser in Hang Seng Composite Index

** The Chinese container shipping group COSCO estimates its 2023 net profit to drop 78.4% YoY to 28.4 bln yuan ($3.96 bln) amid weakening transportation demand and increase in supply of shipping capacity

** Co says geopolitical tensions and a significant drop in market freight rate, compared with last year also hit results

** Shanghai-listed shares fall 3.8% to 9.34 yuan, their lowest since Aug 23

** The Hang Seng Composite Index slips 0.6%, the Hang Seng Composite Index eases 0.4% and the Hang Seng Index is down 0.5%

($1 = 7.1743 Chinese yuan)

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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